Despite an 83 percent drop in net income, the results announced Thursday offered at least one sign of hope: McClatchy's ad revenue, its lifeblood, fell by its lowest rate in more than three years. The 8 percent decrease for the April June period compared with last year marked the least erosion in McClatchy's ad revenue since a 5 percent decline in the first three months of 2007 from the previous year's quarter. Reducing the rate of decline has become easier at McClatchy and other newspaper publishers because their declining ad revenue over the past few years lowers the benchmark against which the latest numbers are compared 
Share:  <span class="sent">Despite an 83 percent drop in net income, the results announced Thursday offered at least one sign of hope: <span class="company">McClatchy</span>'s ad revenue, its lifeblood, fell by its lowest rate in more than three years.</span> The 8 percent decrease for the April June period compared with last year marked the least erosion in <span class="company">McClatchy</span>'s ad revenue since a 5 percent decline in the first three months of 2007 from the previous year's quarter. Reducing the rate of decline has become easier at <span class="company">McClatchy</span> and other newspaper publishers because their declining ad revenue over the past few years lowers the benchmark against which the latest numbers are compared....<span class="sent">The 8 percent decrease for the April June period compared with last year marked the least erosion in <span class="company">McClatchy</span>'s ad revenue since a 5 percent decline in the first three months of 2007 from the previous year's quarter.</span> Reducing the rate of decline has become easier at <span class="company">McClatchy</span> and other newspaper publishers because their declining ad revenue over the past few years lowers the benchmark against which the latest numbers are compared. Tweet this   read full story

Management projected the decline will be in the 4 percent to 6 percent for the three months ending in September. "While the economic recovery hasn't been robust or smooth, we believe it is beginning to spread across the markets we serve," McClatchy CEO Gary Pruitt said. Investors seemed disheartened as McClatchy shares dipped 15 cents, or 4 percent, to close Thursday at $3.57. The improving ad trends have been mirrored in the second quarter reports and outlooks of several other major newspaper publishers, including Gannett Co., The New York Times Co and Lee Enterprises Inc. McClatchy and its peers have been stuck in a financial funk since the end of 2006 as changing readership habits and the worst recession since World War II have caused more marketing dollars to flow to less expensive alternatives on the Internet. 
Share:  Management projected the decline will be in the 4 percent to 6 percent for the three months ending in September. <span class="sent">"While the economic recovery hasn't been robust or smooth, we believe it is beginning to spread across the markets we serve," <span class="company">McClatchy</span> CEO <span class="analyst">Gary Pruitt</span> said.</span> Investors seemed disheartened as <span class="company">McClatchy</span> shares dipped 15 cents, or 4 percent, to close Thursday at $3.57. The improving ad trends have been mirrored in the second quarter reports and outlooks of several other major newspaper publishers, including Gannett Co., The New York Times Co and Lee Enterprises Inc. <span class="company">McClatchy</span> and its peers have been stuck in a financial funk since the end of 2006 as changing readership habits and the worst recession since World War II have caused more marketing dollars to flow to less expensive alternatives on the Internet. Tweet this   read full story

The McClatchy Co., second largest of the public newspaper companies, had an encouraging bit of detail in its second quarter earnings report: classified advertising, widely assumed to be dying, actually is showing preliminary signs of revival. CEO Gary Pruitt's headline in a conference call with analysts was that employment advertising was up in a number of McClatchy's 30 markets compared to the same quarter in 2009, and down only 1.7 percent overall year to year. Another positive, Pruitt said, is that digital job classified revenues now make up more than half the total and growing. 
Share:  The <span class="company">McClatchy</span> Co., second largest of the public newspaper companies, had an encouraging bit of detail in its second quarter earnings report: classified advertising, widely assumed to be dying, actually is showing preliminary signs of revival. CEO Gary Pruitt's headline in a conference call with analysts was that employment advertising was up in a number of <span class="company">McClatchy</span>'s 30 markets compared to the same quarter in 2009, and down only 1.7 percent overall year to year. Another positive, Pruitt said, is that digital job classified revenues now make up more than half the total and growing. Tweet this   read full story

CEO Gary Pruitt's headline in a conference call with analysts was that employment advertising was up in a number of McClatchy's 30 markets compared to the same quarter in 2009, and down only 1.7 percent overall year to year. Another positive, Pruitt said, is that digital job classified revenues now make up more than half the total and growing. In answer to an analyst's question, Pruitt said that the company's 14 percent share of CareerBuilder (a joint venture of Gannett and Tribune), gives it access to "best of breed" products and eventually will pay off as an investment as well. The company also has minority shares in digital sites for auto and real estate, so is well positioned as those sectors recover 
Share:  CEO Gary <span class="analyst">Pruitt</span>'s headline in a conference call with analysts was that employment advertising was up in a number of <span class="company">McClatchy</span>'s 30 markets compared to the same quarter in 2009, and down only 1.7 percent overall year to year. <span class="sent">Another positive, <span class="analyst">Pruitt</span> said, is that digital job classified revenues now make up more than half the total and growing.</span> In answer to an analyst's question, <span class="analyst">Pruitt</span> said that the company's 14 percent share of CareerBuilder (a joint venture of Gannett and Tribune), gives it access to "best of breed" products and eventually will pay off as an investment as well. The company also has minority shares in digital sites for auto and real estate, so is well positioned as those sectors recover....Another positive, <span class="analyst">Pruitt</span> said, is that digital job classified revenues now make up more than half the total and growing. <span class="sent">In answer to an analyst's question, <span class="analyst">Pruitt</span> said that the company's 14 percent share of CareerBuilder (a joint venture of Gannett and Tribune), gives it access to "best of breed" products and eventually will pay off as an investment as well.</span> The company also has minority shares in digital sites for auto and real estate, so is well positioned as those sectors recover. With real estate in its Florida and Washington state markets still weak, classified revenues in all categories were down 8.8 percent for the quarter, compared to the period in 2009....But for <span class="company">McClatchy</span>, in the second quarter they were only a bit worse than the total year to year ad decline of 8.2 percent and better than retail (off 10.7 percent). <span class="sent"><span class="analyst">Pruitt</span> also said that "other" classifieds.</span> like obituaries and legal notices. now comprise about 30 percent of the total....but not a return to growth. <span class="sent"><span class="analyst">Pruitt</span> also said that he is disinclined to raise circulation rates again, trim circulation to outlying areas or make more big cuts in staff.</span> . Together with slightly more expensive newsprint, all that translates to costs running about even in the third quarter with those a year ago. <span class="analyst">Pruitt</span> also repeated his negative take on pay walls. Tweet this   read full story

McClatchy earned $7.3 million in the second quarter, or 9 cents a share, down from $42.2 million, or 50 cents a share, in the same three month period in 2009. McClatchy chairman and chief executive officer Gary Pruitt said the decline in earnings was driven by "higher interest costs as we extended debt maturities.". McClatchy extended its debt maturities to 2017 with a debt refinancing in February. The company has continued to reduce its debt, repaying more than $113 million of debt in the first six months of 2010 
Share:  McClatchy earned $7.3 million in the second quarter, or 9 cents a share, down from $42.2 million, or 50 cents a share, in the same three month period in 2009. <span class="sent">McClatchy chairman and chief executive officer <span class="analyst">Gary Pruitt</span> said the decline in earnings was driven by "higher interest costs as we extended debt maturities.".</span> McClatchy extended its debt maturities to 2017 with a debt refinancing in February. The company has continued to reduce its debt, repaying more than $113 million of debt in the first six months of 2010....The newspaper publisher's debt principal at the end of June was $1.8 billion. <span class="sent">While both advertising and circulation revenue declined in the second quarter, <span class="analyst">Pruitt</span> said advertising trends "continued to improve as we anticipated.".</span> Ad revenue fell at a slower pace in the second quarter, declining by 8.2 percent compared to declines of 11.2 percent in the first quarter and 20.5 percent in fourth quarter 2009. McClatchy (NYSE: MNI) expects advertising revenue to be less steep again in the third quarter, <span class="analyst">Pruitt</span> said....Ad revenue fell at a slower pace in the second quarter, declining by 8.2 percent compared to declines of 11.2 percent in the first quarter and 20.5 percent in fourth quarter 2009. <span class="sent">McClatchy (NYSE: MNI) expects advertising revenue to be less steep again in the third quarter, <span class="analyst">Pruitt</span> said.</span> Total revenue declined 6.4 percent to $342 million for the quarter from $365.3 million in second quarter 2009. Advertising revenue was down 8.2 percent to $260.5 million, and circulation revenue declined 2.4 percent to 67.7 million. Tweet this   read full story

Retail. UPDATE 1 McClatchy profit down 83 pct, ad sales fall. 
Share:  <span class="sent">Retail. UPDATE 1 <span class="company">McClatchy</span> profit down 83 pct, ad sales fall.</span> Tweet this   read full story